Venkaiah Naidu issues deadline on RERA at NHB Event

Updated | July 16, 2017 13:38 IST

Urban Development Minister, M Venkaiah Naidu who attended an event organized by NHB, National Housing Bank has disclosed a deadline on RERA. The Union Minister wanted all the states to notify rules pertaining to RERA by 30th July.

And also wanted to appoint regulators and regulate the authorities as per the rules framed on RERA. Venkaiah Naidu who reiterated that RERA has been implemented to bring accountability, transparency, and efficiency in the real estate sector has confirmed that he is constantly in touch with all states related to RERA. The Minister has expressed his happiness over the majority of the states which part of RERA, and also anticipated the remaining states will part of this act soon in the forthcoming days. He said that RERA is not a strangulation, it is a regulation which benefits both developers and buyers. The fruits of RERA will be enjoyed by the developers in future.

The Union Minister has launched NHB’ revamped RESIDEX and HPI(House Price Index) at the event. According to NHB, 27 cities registered a rise in prices in the quarter ending March 2017 as against that of December 2016 after monitored, out of 50 cities. The index of prices hiked in major cities like Mumbai by 3.7%, followed by Gurgaon( 6.7%), Chandigarh (6.2%), Kanpur (8.1% ) and Bhubaneshwar by (11.7%) in the quarter, Jan-Mar 2017, among others.

Well, the following cities don't register any growth in the prices and remained flat including Hyderabad, Chennai, Bengaluru, Noida and Greater Noida. But there are some cities which witnessed fall in the index of prices such as Delhi by 4.3%, Gandhi Nagar(12%), Surat(8.9%), Ludhiana(7.8%), and Kolkata(7.2%).

Mr.Venkaiah Naidu who expressed happiness over the decline in index prices has anticipated for more. He said that the land prices of Vijayawada, Amaravati, Andhra Pradesh are higher than Washington and New York. The middleman who bought the lands from the farmers for a common price has quoting exorbitant prices in selling those lands. He expressed his unhappiness for the farmers who are not benefitted.

Following are the cities which noticed maximum increase in the under construction segment are Bidhan Nagar(4.1%), Hyderabad(4.4%), Howrah(4.4%), Guwahati(5.2%), Lucknow(5.7%), Chennai(6.7%) and Jaipur(8.7%) whereas decline in Patna(14.2%), Nashik(6.3%), Delhi(4.3%), Faridabad(3.9%) and Chandigarh(3.4%).